Federal

  • October 21, 2024

    Ga. Atty Admits To Role In $1.3B Tax Shelter Scheme

    A Georgia attorney has pled guilty in federal court related to helping orchestrate a $1.3 billion tax scheme involving fraudulent conservation easements, making him the 12th person convicted over the plot, including another attorney who was handed a 23-year prison sentence.

  • October 21, 2024

    MVP: Paul Weiss' Brian Krause

    Brian Krause of Paul Weiss Rifkind Wharton & Garrison LLP's tax practice designed a novel tax approach for the merger of World Wrestling Entertainment and Ultimate Fighting Championship, raced to create a tax-free deal in the final days of a Texas "wildcatter" hoping to sell his oil company, and advised Chevron in its $60 billion acquisition of Hess Corp., earning him a spot as one of the 2024 Law360 Tax MVPs.

  • October 21, 2024

    High Court Won't Review Couple's Anti-Tax Case

    The U.S. Supreme Court said Monday it wouldn't hear the arguments of a couple challenging the federal government's power to collect their income taxes, letting stand a Tenth Circuit opinion that all the couple's claims were meritless.

  • October 21, 2024

    IRS Issues Corp. Bond Monthly Yield Curve For Oct.

    The Internal Revenue Service published Monday the corporate bond monthly yield curve for October for use in calculations for defined benefit plans, as well as corresponding segment rates and other related provisions.

  • October 21, 2024

    Justices Won't Review IRS' Additions To Developer's $2M Deal

    The U.S. Supreme Court said Monday it wouldn't review an Eleventh Circuit decision allowing the Internal Revenue Service to back out of a deal to settle an Alabama real estate developer's tax debt for $2 million.

  • October 21, 2024

    New ABA Tax Chair-Elect Aims To Expand Leadership Paths

    The new chair-elect of the American Bar Association Section of Taxation told Law360 that she wants to broaden the pathways to leadership for members, including those early in their careers, as part of the section's diversity, equity and inclusion initiatives. Here, Megan Brackney shares more about her background and goals for the section.

  • October 18, 2024

    Law360 MVP Awards Go To Top Attys From 74 Firms

    The attorneys chosen as Law360's 2024 MVPs have distinguished themselves from their peers by securing hard-earned successes in high-stakes litigation, complex global matters and record-breaking deals.

  • October 18, 2024

    FTC Won't Disqualify ALJ in H&R Block False Ad Fight

    The Federal Trade Commission denied a request by H&R Block to stop an administrative law judge from overseeing a proceeding that accuses the tax preparation company of deceptive advertising, saying Friday that ALJs don't have unconstitutional job protections as the company claimed.

  • October 18, 2024

    IRS Releases Sustainable Airplane Fuel Credit Guidance

    Taxpayers using a certain safe harbor to calculate their emissions reduction percentage with regard to sustainable airplane fuel credit claims on the sale or use of qualified mixtures after a certain date must use an updated model, the IRS said Friday.

  • October 18, 2024

    Tax Court Gave Short Shrift To Land Donors, 11th Circ. Told

    The owners of a waterfront property in Georgia who protected 500 acres for conservation told the Eleventh Circuit that the U.S. Tax Court drastically undercut the value of their gift and its corresponding tax deduction by accepting flawed evidence provided by the government's sole witness.

  • October 18, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service's weekly bulletin, issued Friday, included final regulations that impose additional reporting requirements under the threat of penalty for partnerships that abuse a conservation easement tax deduction.

  • October 18, 2024

    IRS OKs Rules On Withholding For Pension Payments

    The Internal Revenue Service released final rules Friday covering certain retirement plans' obligation to withhold income tax when they make payments or distributions to taxpayers outside the U.S. starting in 2026.

  • October 18, 2024

    Taxation With Representation: Baker, Simpson, Ropes

    In this week's Taxation With Representation, Lundbeck inks a $2.6 billion cash deal for Longboard, Silver Lake agrees to buy Zuora for $1.7 billion, and PPG and American Industrial Partners reach a $550 million deal.

  • October 17, 2024

    Liberty Global Shouldn't Get $248M Tax Credit, 10th Circ. Told

    Liberty Global distorted the language and statutory scheme of the U.S. tax code's foreign tax credit regulations to falsely claim $248 million in credits, the U.S. government told the Tenth Circuit on Thursday.

  • October 17, 2024

    Couple Failed To Contest IRS Lien, Tax Court Says

    The IRS didn't abuse its discretion when it sustained a federal tax lien against a Washington couple to collect five years' worth of deficient taxes, the U.S. Tax Court ruled Thursday, finding that the couple failed to respond to the agency's attempts to address the dispute.

  • October 17, 2024

    Couple Failed To Back Up Biz Expenses, Tax Court Says

    A self-employed married couple who did business through six limited liability companies aren't entitled to deductions for business expenses and net operating losses because they didn't substantiate them, the U.S. Tax Court said Thursday.

  • October 17, 2024

    Tax Court Affirms Denial Of IRS Whistleblower Award

    The Internal Revenue Service correctly determined that a whistleblower was not owed a discretionary reward after the information he provided ultimately failed to result in the agency collecting any proceeds, the U.S. Tax Court said Thursday.

  • October 17, 2024

    Atty Who Repped Rodney King To Plead Guilty To Tax Evasion

    An attorney who represented Rodney King in a civil case against the city of Los Angeles after King was severely beaten by police agreed Thursday to plead guilty to tax evasion in return for the government dropping other charges.

  • October 17, 2024

    IRS Adjusts Tax Treatment Of Contraceptives

    Individual taxpayers can now deduct condom purchases as preventive medical care payments, and high-deductible healthcare plans can provide condoms and over-the-counter oral contraceptives without a deductible, the IRS said Thursday.

  • October 17, 2024

    A&O Shearman Taps Governance Veteran To Co-Lead Practice

    A&O Shearman said Thursday that it has tapped a longtime partner to co-head the firm's compensation, employment, pensions and governance practice, bringing it under the joint leadership of alum from each of its two legacy firms after the merger between New York-based Shearman & Sterling and London-based legacy firm Allen & Overy became official last May.

  • October 17, 2024

    Justices Told Woman Can't Dispute Levy For Paid-Off Tax

    A Third Circuit decision allowing a woman to challenge her tax liabilities in a property-seizure proceeding should be overturned, the Internal Revenue Service told the U.S. Supreme Court, saying her case became moot after the agency withheld her tax refunds to pay off her debt.

  • October 17, 2024

    Polsinelli Hires McDermott Tax Counsel In DC

    Polsinelli PC has hired an attorney who joined the firm's tax group as a shareholder after 12 and a half years with McDermott Will & Emery LLP.

  • October 17, 2024

    IRS To Hold Hearing On Tax Payments With Cards

    The Internal Revenue Service will hold a public hearing Dec. 6 regarding proposed regulations that would allow taxpayers to make payments using credit and debit cards directly with the agency instead of through a third party, the IRS said Thursday.

  • October 16, 2024

    2 CPAs Get 20 Months For Roles In $1.3B Tax Shelter Scheme

    Two certified public accountants were each sentenced in Georgia federal court to nearly two years in prison for selling tens of millions of dollars in false tax deductions to their rich clients as part of a $1.3 billion tax fraud scheme, the U.S. Department of Justice announced Wednesday.

  • October 16, 2024

    3rd Par Funding Exec Admits To Racketeering In $100M Scam

    The last member of the triumvirate behind Par Funding, a cash advance company that federal prosecutors say bilked investors out of $100 million, pleaded guilty to racketeering in Pennsylvania federal court Wednesday, just weeks before he was scheduled to stand trial.

Expert Analysis

  • Why Attorneys Should Consider Community Leadership Roles

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    Volunteering and nonprofit board service are complementary to, but distinct from, traditional pro bono work, and taking on these community leadership roles can produce dividends for lawyers, their firms and the nonprofit causes they support, says Katie Beacham at Kilpatrick.

  • Firms Must Offer A Trifecta Of Services In Post-Chevron World

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    After the U.S. Supreme Court’s Loper Bright Enterprises v. Raimondo decision overturning Chevron deference, law firms will need to integrate litigation, lobbying and communications functions to keep up with the ramifications of the ruling and provide adequate counsel quickly, says Neil Hare at Dentons.

  • 5 Tips To Succeed In A Master Of Laws Program And Beyond

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    As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.

  • Pros, Cons Of Disclosing Improper Employee Retention Credit

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    Employers considering the Internal Revenue Service’s second voluntary disclosure program, which allows companies to avoid penalties for erroneously claiming employee retention credits for the 2021 tax year by repaying the credits and naming the tax advisers who encouraged these abusive practices, should carefully weigh the program’s benefits against its potential drawbacks, say attorneys at Winston & Strawn.

  • How Law Firms Can Avoid 'Collaboration Drag'

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    Law firm decision making can be stifled by “collaboration drag” — characterized by too many pointless meetings, too much peer feedback and too little dissent — but a few strategies can help stakeholders improve decision-making processes and build consensus, says Steve Groom at Miles Mediation.

  • Litigation Funding Disclosure Key To Open, Impartial Process

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    Blanket investor and funding agreement disclosures should be required in all civil cases where the investor has a financial interest in the outcome in order to address issues ranging from potential conflicts of interest to national security concerns, says Bob Goodlatte, former U.S. House Representative for Virginia.

  • Whistleblowers Must Note 5 Key Differences Of DOJ Program

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    The U.S. Department of Justice’s recently unveiled whistleblower awards program diverges in key ways from similar programs at other agencies, and individuals must weigh these differences and look first to programs with stronger, proven protections before blowing the whistle, say Stephen Kohn and Geoff Schweller at Kohn Kohn.

  • What NFL Draft Picks Have In Common With Lateral Law Hires

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    Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.

  • Replacing The Stigma Of Menopause With Law Firm Support

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    A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.

  • Planning Law Firm Content Calendars: What, When, Where

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    During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.

  • Brownfield Questions Surround IRS Tax Credit Bonus

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    Though the IRS has published guidance regarding the Inflation Reduction Act's 10% adder for tax credits generated by renewable energy projects constructed on brownfield sites, considerable guesswork remains as potential implications seem contrary to IRS intentions, say Megan Caldwell and Jon Micah Goeller at Husch Blackwell.

  • Law Firms Should Move From Reactive To Proactive Marketing

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    Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.

  • The Big Issues A BigLaw Associates' Union Could Address

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    A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.

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